In this article, we will learn that Crypto.com will remove 9 cryptocurrencies including USDT, WBTC, USDP, etc.

According to Crypto Slate, Crypto.com will remove nine cryptocurrencies including USDT by January 31 to comply with the EU's cryptocurrency market regulations (MiCA). The affected crypto assets also include WBTC, DAI, USDP, PYUSD, stETH, stSOL, LCRO and XSGD.

Users can withdraw these cryptocurrencies by March 31. After this period, the remaining tokens will be automatically converted into a stablecoin or equivalent asset that complies with MiCA standards.

MiCA's regulatory pressure on stablecoins

MiCA has implemented strict regulatory standards for cryptocurrency companies operating in the European Economic Area (EEA), especially reserve requirements for stablecoins, aimed at improving financial transparency and consumer protection. This presents challenges for large stablecoins such as USDT. Tether CEO Paolo Ardoino has warned that these requirements could pose systemic risks.

Nevertheless, Tether is actively seeking compliance, investing in companies such as Quantoz and StablR that develop compliant euro stablecoins.

Crypto.com obtains MiCA license

Crypto.com's decision to remove USDT is related to its recent MiCA approval. On January 27, Crypto.com announced that it had received comprehensive regulatory approval from the Malta Financial Services Authority (MFSA), becoming one of the first cryptocurrency exchanges to be approved to operate across the EEA.

This move marks Crypto.com's commitment to operating in a regulated environment, providing greater transparency and security to its European users. This also reflects the trend of strengthening digital asset supervision in Europe.

It is worth noting that Crypto.com also removed PayPal's PYUSD stablecoin, which is in contrast to PayPal's previous promotion of PYUSD as a stablecoin circulating in the United States and Europe. The EU may issue its own stablecoins or ETFs in the future to replace USDT, etc.

The implementation of MiCA marks an important step forward in the EU in building a secure and transparent crypto market. Some exchanges actively cooperate with supervision to provide more guarantees for cryptocurrency investors, which is worth learning from other regions.

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